Group 1 - Vornado Realty Trust (VNO) is experiencing an increase in its Manhattan office occupancy rate due to a positive absorption rate in New York City, leading to a favorable leasing environment [1] - VNO has leased 594,000 square feet of office space in Manhattan, indicating strong demand in the market [1] Group 2 - The equity market is highlighted as a significant mechanism for wealth creation or destruction over the long term, emphasizing the importance of market fluctuations [1] - Pacifica Yield focuses on long-term wealth creation by targeting undervalued high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Core Insights - Vornado Realty Trust (VNO) is expected to experience an increase in its Manhattan office occupancy rate due to a positive absorption rate in New York City, contributing to a favorable leasing environment [1] - VNO has successfully leased 594,000 square feet of office space in Manhattan, indicating strong demand in the market [1] Company Overview - Vornado Realty Trust is focusing on the Manhattan office market, which is currently benefiting from a robust leasing environment driven by positive absorption rates [1] Market Context - The equity market serves as a significant mechanism for wealth creation or destruction over the long term, highlighting the importance of strategic investment in undervalued yet high-growth companies, high-dividend stocks, REITs, and green energy firms [1]

Financial Data and Key Metrics Changes - The third-quarter comparable FFO was $0.57 per share, up from $0.52 per share in the same quarter last year, beating analyst consensus by $0.02 [24] - Same-store GAAP NOI for the New York business increased by 9.1% for the quarter, while same-store cash NOI decreased by 7.4% [24][25] - The net debt-to-EBITDA ratio improved to 7.3x from 8.6x at the start of the year, with immediate liquidity of $2.6 billion [28] Business Line Data and Key Metrics Changes - Vornado leased 3.7 million sq ft overall in the first nine months of 2025, with 2.8 million sq ft in Manhattan office [10] - Average starting rents for Manhattan office leasing were $99 per sq ft, with mark-to-markets of +11.9% GAAP and +8.3% cash [10] - During the third quarter, 21 New York office deals were executed totaling 594,000 sq ft at starting rents of $103 per sq ft, with mark-to-markets of +15.7% GAAP and +10.4% cash [11] Market Data and Key Metrics Changes - Midtown core better building vacancy is now down to 6.2%, indicating a shift to a landlord's market [8][9] - Manhattan office leasing activity is on pace to exceed 40 million sq ft for the year, the highest since 2019 [9] - The retail market in Manhattan is showing strength, with tenants approaching landlords for early renewals [19] Company Strategy and Development Direction - The company is focused on the Penn District as a growth engine, with plans for a 475-unit rental residential building and retail redevelopment [14][15] - Vornado aims to transform outdated retail spaces into modern offerings, enhancing the Penn District's appeal [15] - The company is actively involved in the Penn Station transformation project, supporting improvements that benefit its holdings [54][56] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for office space, noting robust tenant demand across industries [6][9] - The company anticipates significant earnings growth in 2027 as the full impact of Penn 1 and Penn 2 leases takes effect [25] - Management expects occupancy rates to increase into the low 90s over the next year [26] Other Important Information - The company acquired 623 Fifth Avenue for $218 million, with plans to redevelop it into a high-end boutique office building [16][18] - The signage business is projected to have its highest revenue year in 2025, benefiting from the company's unique control over signage in key locations [19][20] Q&A Session Summary Question: How is the leasing strategy changing at Penn 2? - Rents have increased, with average rent at $112 per sq ft, and the company is confident in securing tenants for the remaining space [32] Question: How will leasing for 623 Fifth Avenue be approached? - The company plans to market the building with high-end designs, similar to its approach with 220 Central Park South [34] Question: What is the current signed-not-open pipeline? - The company expects over $200 million in revenue from signed leases over the next couple of years, with the bulk coming in 2027 [40] Question: What is the expected trajectory of occupancy next year? - The company anticipates reaching 90% occupancy in the next quarter or two, with further increases expected [53] Question: What are the plans for proceeds from non-core asset sales? - Proceeds may be used for strengthening the balance sheet or for compelling external acquisitions, depending on opportunities [67] Question: What is the outlook for rent growth in the coming years? - The company expects rent increases to exceed 20%-25% over the next four to five years due to strong demand and limited supply [61]

Financial Data and Key Metrics Changes - Third-quarter comparable FFO was $0.57 per share, compared to $0.52 per share for the same quarter last year, beating analyst consensus by $0.02 [24] - Same-store GAAP NOI for the New York business overall was up 9.1% for the quarter, while same-store cash NOI was down 7.4% [24] - Net debt-to-EBITDA ratio improved to 7.3 times from 8.6 times at the start of the year, with immediate liquidity of $2.6 billion [28] Business Line Data and Key Metrics Changes - During the first nine months of 2025, Vornado leased 3.7 million sq ft overall, with 2.8 million sq ft in Manhattan office [10] - Average starting rents for Manhattan office leasing were $99 per sq ft, with mark-to-markets of plus 11.9% GAAP and plus 8.3% cash [10] - In the third quarter, 21 New York office deals totaled 594,000 sq ft at starting rents of $103 per sq ft, with mark-to-markets of plus 15.7% GAAP and 10.4% cash [11] Market Data and Key Metrics Changes - Midtown core better building vacancy is now down to 6.2%, indicating a shift to a landlord's market [9] - Manhattan office leasing activity is on pace to exceed 40 million sq ft for the year, the highest since 2019 [9] - New York office occupancy increased to 88.4% from 86.7% last quarter, primarily due to leasing activity at Penn 2 [26] Company Strategy and Development Direction - The company is focused on the Penn District as a growth engine, with plans for a 475-unit rental residential building and retail redevelopment [14][15] - The acquisition of 623 Fifth Avenue is aimed at transforming it into a high-end boutique office building [16][17] - The Manhattan retail market is showing strength, with tenants approaching landlords for early renewals [19] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the demand for office space, noting that tenant demand is robust across all industries [6][9] - The company expects 2025 leasing volume for Manhattan office to be the highest in over a decade [10] - Management anticipates significant earnings growth in 2027 as the full impact of Penn 1 and Penn 2 leases takes effect [25] Other Important Information - The company has generated $1.5 billion in net proceeds from sales and financings, paying down $900 million in debt [28] - Signage revenue for 2025 is projected to be the highest year ever, with the company owning the largest signage portfolio in New York City [19][20] - The company is involved in the Penn Station transformation project, supporting improvements that benefit its holdings [54][56] Q&A Session Summary Question: How is the leasing strategy changing at Penn 2? - Rents have increased, with average rent at $112 per sq ft, and the company is confident in its leasing strategy for the remaining space [32] Question: How will leasing for 623 Fifth Avenue be approached? - The company plans to market the building with complete designs to attract high-end tenants [34] Question: What is the current signed-not-open pipeline? - The company expects over $200 million in revenue from signed leases over the next couple of years, with the bulk coming in 2027 [40] Question: What is the expected trajectory of occupancy next year? - The company anticipates reaching 90% occupancy in the next quarter or two, with continued growth thereafter [53] Question: What are the plans for proceeds from non-core asset sales? - Proceeds will be used to strengthen the balance sheet and potentially for compelling external acquisitions [66] Question: What is the status of the Penn Station transformation project? - The company supports improvements to Penn Station and is involved in the process, focusing on retail opportunities [54][56] Question: What are the expectations for rent growth in the coming years? - The company expects rent growth to exceed 20%-25% over the next four to five years due to strong demand and limited supply [61]

Financial Data and Key Metrics Changes - Third-quarter comparable FFO was $0.57 per share, compared to $0.52 per share for the same quarter last year, beating analyst consensus by $0.02 [19] - Same-store GAAP NOI for the New York business overall was up 9.1% for the quarter, while same-store cash NOI was down 7.4% [20] - The net debt-to-EBITDA ratio improved to 7.3 times from 8.6 times at the start of the year, with immediate liquidity of $2.6 billion [23] Business Line Data and Key Metrics Changes - During the first nine months of 2025, Vornado leased 3.7 million sq ft overall, with 2.8 million sq ft in Manhattan office [8] - Average starting rents for Manhattan office leasing during the first nine months were $99 per sq ft, with mark-to-markets of plus 11.9% GAAP and plus 8.3% cash [8] - In the third quarter, 21 New York office deals totaled 594,000 sq ft at starting rents of $103 per sq ft, with mark-to-markets of plus 15.7% GAAP and 10.4% cash [9] Market Data and Key Metrics Changes - Midtown core better building vacancy is now down to 6.2%, indicating a shift to a landlord's market [6] - Manhattan office leasing activity is on pace to exceed 40 million sq ft for the year, the highest since 2019 [7] - New York office occupancy increased to 88.4% from 86.7% last quarter, primarily due to leasing activity at Penn 2 [21] Company Strategy and Development Direction - The company is focused on the Penn District as a growth engine, with plans for a 475-unit rental residential building and retail transformation [11][12] - The acquisition of 623 Fifth Avenue is aimed at redeveloping it into a high-end boutique office building, with a projected yield of 9% [14][15] - The Manhattan retail market is showing strength, with tenants approaching landlords for early renewals as rents rise [16] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the demand for office space, noting that tenant demand is robust and broad-based across industries [6][7] - The company expects 2025 comparable FFO to be slightly higher than 2024, with significant earnings growth anticipated in 2027 as the full impact of Penn 1 and Penn 2 leases takes effect [20] - Management highlighted the strong financing market for New York City assets, with ample liquidity facilitating deals [22] Other Important Information - The company has generated $1.5 billion in net proceeds from sales and financings, paying down $900 million in debt and increasing cash by $500 million [23] - The signage revenue for 2025 is projected to be the highest year ever, benefiting from the unique control over signage in key locations [16][32] - The company is actively involved in the Penn Station transformation project, which is expected to enhance commercial development opportunities [37] Q&A Session Summary Question: How is the leasing strategy changing at Penn 2? - Rents have increased, with average rent at $112 per sq ft, and the company is confident in its approach to leasing the remaining space [25] Question: How will the leasing of 623 Fifth Avenue be approached? - The company plans to market the building with complete designs to attract high-end tenants, similar to the strategy used for 220 Central Park South [27] Question: What is the current signed-not-open pipeline in terms of dollar value? - The company indicated a projection of around $200 million in revenue over the next couple of years, with the bulk coming in 2027 [28] Question: What are the expectations for rent growth in the coming years? - Management expressed confidence that rent growth could exceed 20%-25% over the next four to five years due to strong demand and limited supply [38][39] Question: What are the plans for proceeds from non-core asset sales? - Proceeds could be used for various purposes, including strengthening the balance sheet or potential acquisitions, depending on market opportunities [42]

Financial Data and Key Metrics Changes - The third-quarter comparable FFO was $0.57 per share, up from $0.52 per share in the same quarter last year, beating analyst consensus by $0.02 [20] - Same-store GAAP NOI for the New York business overall increased by 9.1% for the quarter, while same-store cash NOI decreased by 7.4% [21] - The net debt-to-EBITDA ratio improved to 7.3 times from 8.6 times at the start of the year, with immediate liquidity at $2.6 billion [24] Business Line Data and Key Metrics Changes - Vornado leased 3.7 million sq ft overall in the first nine months of 2025, with 2.8 million sq ft in Manhattan office space [9] - Average starting rents for Manhattan office leasing during the first nine months were $99 per sq ft, with mark-to-markets of +11.9% GAAP and +8.3% cash [10] - In the third quarter, 21 New York office deals were executed totaling 594,000 sq ft at starting rents of $103 per sq ft, with mark-to-markets of +15.7% GAAP and +10.4% cash [11] Market Data and Key Metrics Changes - Manhattan office leasing activity is on pace to exceed 40 million sq ft for the year, the highest since 2019 [8] - The vacancy rate for Midtown core better buildings is now down to 6.2% [7] - New York office occupancy increased to 88.4% from 86.7% last quarter, primarily due to leasing activity at Penn 2 [22] Company Strategy and Development Direction - The company is focused on the Penn District as a growth engine, with plans for a 475-unit rental residential building and retail redevelopment [12][14] - The acquisition of 623 Fifth Avenue is aimed at transforming it into a high-end boutique office building, with redevelopment expected to deliver space by year-end 2027 [15][16] - The Manhattan retail market is showing strength, with tenants approaching landlords for early renewals to lock in spaces [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for office space in New York City, noting that tenant demand is robust and broad-based across industries [6] - The company expects 2025 comparable FFO to be slightly higher than 2024, with significant earnings growth anticipated in 2027 as the full impact of Penn 1 and Penn 2 leases takes effect [21] - Management highlighted the strong leasing fundamentals and liquidity in the capital markets for New York City assets [23][24] Other Important Information - The company is the largest owner of signage in New York City, with signage revenue for 2025 projected to be the highest year ever [17][18] - A recent court ruling vacated the arbitration panel's Penn 1 ground lease rent reset, but management remains optimistic about a reversal on appeal [19] Q&A Session Summary Question: How is the leasing strategy changing at Penn 2 with only 20% of the building left? - Rents have increased, with average rent at $112/sq ft at Penn 2, and the company is confident in their approach with many deals in the works [26] Question: How will the leasing of 623 Fifth Avenue be approached? - The company plans to market the building similarly to 220 Central Park South, with high aspirations once designs are completed [28] Question: What is the current signed-not-open pipeline in terms of dollar value? - The company indicated a projection of over $200 million in revenue from signed leases over the next two years, with the bulk coming in 2027 [29][30] Question: What is the expected trajectory of occupancy next year? - Management anticipates occupancy could reach the low 90s over the next year, with a reasonable probability of reaching 90% in the next quarter or two [34][36] Question: What are the plans for proceeds from non-core asset sales? - Proceeds could be used for strengthening the balance sheet or for compelling external opportunities, with a focus on internal development projects [41] Question: How does the company view the signage business in the Penn District? - The company owns 100% of the signs in the Penn District, allowing for optimized income and steady growth in signage revenue [33][32]

Core Insights - Vornado Realty Trust's (VNO) third-quarter 2025 adjusted funds from operations (FFO) were 57 cents per share, exceeding the Zacks Consensus Estimate of 55 cents and reflecting a year-over-year increase of 9.6% [1][11] - Total revenues for the quarter reached $453.7 million, surpassing the Zacks Consensus Estimate of $443.3 million, with a year-over-year growth of 2.4% [2][11] Financial Performance - Total same-store net operating income (NOI) was $266.7 million, up from $265.5 million in the prior year, with notable increases of 9.1% in the New York portfolio and 3.8% in the 555 California Street portfolio, while THE MART saw a decrease of 10.4% [3][11] - The occupancy rate in the total New York portfolio improved to 87.5%, an increase of 80 basis points year over year, with THE MART at 80.7% (up 100 bps) and 555 California Street at 96.3% (up 180 bps) [7][11] Leasing Activity - In the New York office portfolio, 594,000 square feet were leased at an initial rent of $102.60 per square foot, with a weighted average lease term of 12.5 years [4] - The New York retail portfolio saw 27,000 square feet leased at an initial rent of $292.79 per square foot, with a weighted average lease term of 9 years [5] - At THE MART, 158,000 square feet were leased at an initial rent of $48.84 per square foot, with a weighted average lease term of 10.5 years [6] Portfolio Activity - Vornado acquired the 623 Fifth Avenue office condominium for $218 million, which includes 382,500 rentable square feet and is currently 75% vacant, with plans for redevelopment by 2027 [8][11] - A joint venture, in which Vornado holds a 55% interest, sold the 512 West 22nd Street office building for $205 million [9][11] Balance Sheet - Vornado ended the quarter with cash and cash equivalents of $1.01 billion, a decrease from $1.2 billion as of June 30, 2025 [10]

Acquisitions and Sales - The company acquired the 623 Fifth Avenue office condominium for $218 million, financing $145.42 million through a revolving credit facility, with redevelopment expected to complete in 2027[5]. - A joint venture sold 512 West 22nd Street for $205 million, resulting in net proceeds of $37.9 million and a financial statement net gain of $11.002 million[7]. - The company recognized a financial statement net gain of $13.702 million from the sale of two condominium units at 220 Central Park South, with net proceeds of $24.839 million[9]. - The company recognized a financial statement net gain of $10.337 million from the sale of six residential condominium units at Canal Street, with net proceeds of $21.633 million[10]. Financing and Debt - The company completed a $450 million refinancing of PENN 11, a 1.2 million square foot office building, with a fixed interest rate of 6.35%[15]. - The company completed a $675 million refinancing of Independence Plaza, a residential complex, with a fixed interest rate of 5.84%[16]. - As of September 30, 2025, the company's total consolidated debt amounts to $7,216,912, with a weighted average interest rate of 4.41%[83]. - The company's pro rata share of total debt is $9,054,083, with 25% classified as unsecured debt[87]. - The total outstanding debt to total assets ratio is 34%, well below the required limit of 60%[87]. - The fixed charge coverage ratio stands at 2.01, exceeding the required minimum of 1.40[87]. - The company has $1,009,876 in cash and cash equivalents, which reduces the net debt significantly[83]. - The company has a total of $5,807,323,000 in unconsolidated debt, with a debt balance at share of $2,519,230,000[103]. Income and Revenue - Net income attributable to common shareholders for Q3 2025 was $11,589,000, a significant increase from a loss of $19,154,000 in Q3 2024[26]. - Total revenues for Q3 2025 reached $453,700,000, compared to $443,255,000 in Q3 2024, indicating a growth of 2.9%[30]. - Funds From Operations (FFO) attributable to common shareholders plus assumed conversions, as adjusted, for Q3 2025 was $114,535,000, up from $102,755,000 in Q3 2024, representing an 11.5% increase[28]. - The company reported a net income of $932,290,000 for the nine months ended September 30, 2025, a significant increase of $917,932,000 compared to $14,358,000 in the same period of 2024[36]. Operating Performance - For the three months ended September 30, 2025, total rental revenues increased to $389,097,000, up from $387,470,000 in the same period of 2024, reflecting a variance of $1,627,000[34]. - Operating expenses for the three months ended September 30, 2025, were $241,769,000, compared to $236,149,000 in the same period of 2024, resulting in an increase of $5,620,000[34]. - The company achieved a gain on sales-type lease of $803,248,000 for the nine months ended September 30, 2025, compared to no gain in the same period of 2024[36]. - The total NOI at share for the three months ended September 30, 2025, was $266,676,000, a slight increase from $265,491,000 in the same period of 2024, representing a 0.4% growth[40]. Occupancy and Leasing - The occupancy rate in New York improved to 87.5% as of September 30, 2025, up from 85.2% at June 30, 2025[114]. - Residential units in New York have an occupancy rate of 93.7% as of September 30, 2025, with an average monthly rent of $4,992[115]. - The total square feet leased in New York for the three months ended September 30, 2025, was 594,000, with an initial rent of $102.60 per square foot[49]. - The weighted average lease term for office leases signed in New York was 12.5 years for the three months ended September 30, 2025[49]. Future Developments and Capital Expenditures - The company plans to invest $57,663,000 in the PENN 2 development project[68]. - Total active development projects in the New York segment amount to $975 million, with $898.794 million already expended and $76.206 million remaining[70]. - Capital expenditures for the nine months ended September 30, 2025, totaled $279,769,000, with $136,054,000 allocated for tenant improvements[68]. Joint Ventures and Partnerships - The Fifth Avenue and Times Square joint venture reported a net income of $11.772 million for the nine months ended September 30, 2025, compared to $28.971 million in 2024[79]. - The company's share of net income from the 280 Park Avenue joint venture was a loss of $11.969 million for the nine months ended September 30, 2025, compared to a profit of $9.398 million in 2024[79]. - The total share of net income across all unconsolidated joint ventures for the nine months ended September 30, 2025, was $135.588 million, down from $82.457 million in 2024[79]. Market Capitalization and Liquidity - The company's market capitalization as of September 30, 2025, was $18.8 billion, an increase from $19.5 billion at the end of Q3 2024[26]. - The company reported a total liquidity of $2,571,000,000 as of September 30, 2025, down from $2,589,000,000 in Q3 2024[26]. - Cash and cash equivalents increased to $1,010,000,000 as of September 30, 2025, up from $784,000,000 in Q3 2024, reflecting a growth of 28.9%[33]. Dividend Policy - The company anticipates continuing its common share dividend policy with a payment in December 2025, subject to Board approval[26]. - The FFO payout ratio for Q4 2024 was 32.7%, indicating a sustainable dividend policy[26]. - The FAD payout ratio for Q3 2025 was 180.5%, indicating a high distribution relative to available funds[159].

Financial Performance - Net income attributable to common shareholders for Q3 2025 was $11,589,000, or $0.06 per diluted share, compared to a net loss of $19,154,000, or $0.10 per diluted share in Q3 2024 [1] - For the nine months ended September 30, 2025, net income was $842,250,000, or $4.19 per diluted share, significantly up from $7,072,000, or $0.04 per diluted share in the same period of 2024, primarily due to a gain of $803,248,000 related to the NYU master lease [3] Funds from Operations (FFO) - FFO attributable to common shareholders plus assumed conversions for Q3 2025 was $117,372,000, or $0.58 per diluted share, compared to $99,256,000, or $0.50 per diluted share in Q3 2024 [2] - For the nine months ended September 30, 2025, FFO was $373,482,000, or $1.86 per diluted share, compared to $352,914,000, or $1.79 per diluted share in the same period of 2024 [4] Acquisitions and Dispositions - On September 4, 2025, the company purchased the 623 Fifth Avenue office condominium for $218,000,000, intending to redevelop it into a boutique office building by 2027 [10] - A joint venture sold 512 West 22nd Street for $205,000,000 on August 14, 2025, resulting in net proceeds of $37,900,000 and a financial statement net gain of $11,002,000 [12] Leasing Activity - Total square feet leased in Q3 2025 was 594,000, with an initial rent of $102.60 per square foot, reflecting a 15.7% increase compared to the prior year [34] - For the nine months ended September 30, 2025, total square feet leased was 2,782,000, with an initial rent of $99.26 per square foot, showing an 11.9% increase compared to the same period in 2024 [36] Occupancy Rates - As of September 30, 2025, occupancy rates were 87.5% overall, with office occupancy at 88.4% and retail occupancy at 79.2% [38] Same Store Net Operating Income (NOI) - Same store NOI at share increased by 7.5% for Q3 2025 compared to Q3 2024, and by 5.4% for the nine months ended September 30, 2025 compared to the same period in 2024 [41]

Financial Performance - Total revenues for Q3 2025 reached $453.7 million, a 2.7% increase from $443.3 million in Q3 2024[22] - Net income attributable to common shareholders for Q3 2025 was $11.6 million, compared to a net loss of $19.2 million in Q3 2024[22] - Rental revenues for the nine months ended September 30, 2025, were $1.18 billion, a slight increase from $1.17 billion in the same period of 2024[22] - The company reported a net income of $932.3 million for the nine months ended September 30, 2025, compared to $14.4 million in the same period of 2024[22] - For the nine months ended September 30, 2025, total revenues increased to $1,356,716, up from $1,329,896 in the same period of 2024, representing a growth of 2%[40] - Net income attributable to Vornado Realty L.P. for the nine months ended September 30, 2025, was $962,616, compared to $54,382 in 2024, indicating a significant increase[40] Cash and Liquidity - Cash and cash equivalents increased to $1.01 billion as of September 30, 2025, up from $733.9 million at the end of 2024[20] - Cash flows from operating activities for the nine months ended September 30, 2025, were $1,112,112,000, a substantial increase from $331,543,000 in 2024[32] - The net increase in cash and cash equivalents and restricted cash for the nine months ended September 30, 2025, was $202,476, compared to a decrease of $232,509 in 2024[36] - Cash and cash equivalents at the end of the period increased to $1,009,876 from $783,596 at the end of the same period in 2024, reflecting a growth of 28.8%[38] Assets and Liabilities - Total assets decreased to $15.75 billion as of September 30, 2025, from $15.99 billion at the end of 2024[20] - Total liabilities decreased to $8.73 billion as of September 30, 2025, from $9.83 billion at the end of 2024[20] - The total liabilities decreased to $8,729,501 as of September 30, 2025, from $9,826,739 at the end of 2024, a reduction of approximately 11.1%[38] - The company’s total partners' equity increased to $6,066,124 as of September 30, 2025, from $5,337,211 at the end of 2024, reflecting an increase of 13.7%[38] Shareholder Equity and Dividends - The company’s total shareholders' equity increased to $6.07 billion as of September 30, 2025, from $5.16 billion at the end of 2024[20] - Preferred share dividends for Q3 2025 were $15.5 million, consistent with $15.5 million in Q3 2024[22] - The total amount of dividends on preferred shares for the nine months ended September 30, 2025, was $(46,578,000)[29] - Distributions to preferred unitholders for the three months ended September 30, 2025, were $15,526, consistent with $15,528 for the same period in 2024[45] Income and Expenses - The company reported a net income before income taxes of $938,017,000 for the nine months ended September 30, 2025, compared to $31,265,000 in 2024, showing a significant increase[193] - Interest expense for the three months ended September 30, 2025, was $82,547,000, a decrease of 16.5% from $98,952,000 in the same period of 2024[168] - The company reported net cash used in financing activities of $1,118,160 for the nine months ended September 30, 2025, compared to $76,971 in 2024[36] - The company recorded a depreciation and amortization expense of $363,383 for the nine months ended September 30, 2025, compared to $351,123 in 2024[50] Investments and Acquisitions - The company purchased the 623 Fifth Avenue office condominium for $218 million, borrowing $145.4 million under its revolving credit facility to finance the acquisition[100] - The Fifth Avenue and Times Square JV sold a portion of its U.S. flagship store at 666 Fifth Avenue for $350 million, realizing net proceeds of $342 million, which were used to partially redeem preferred equity[73] - A joint venture completed a $675 million refinancing of Independence Plaza, with a fixed interest rate of 5.84% maturing in June 2030[79] Market and Fair Value - The market value of the company's investment in Alexander's was $387.9 million as of September 30, 2025, exceeding the carrying amount by $334.3 million[77] - The fair value of loans receivable as of September 30, 2025, was $101,609,000, reflecting an increase from the previous balance of $85,319,000[154] - The total liabilities measured at fair value were $53,111,000 as of September 30, 2025, with Level 1 inputs at $49,649,000 and Level 2 inputs at $3,462,000[148] Other Financial Metrics - The basic net income per common share for the three months ended September 30, 2025, was $0.06, compared to a loss of $0.10 for the same period in 2024[135] - The diluted income per common share for the nine months ended September 30, 2025, was $4.19, compared to $0.04 for the same period in 2024[135] - The company reported realized and unrealized losses of $1,671,000 on Level 3 deferred compensation plan assets for the nine months ended September 30, 2025[152]